中东冲突推高油价并抑制需求，瑞安航空第一季度利润下滑34%Ryanair Profit Falls 34% as Middle East Conflict Hits Fares and Fuel

在今年4月至6月的首个财季中，这家总部位于爱尔兰的廉价航空公司录得税后利润5.38亿欧元（约合6.153亿美元），相较于去年同期录得的8.2亿欧元，降幅达到了34%。与此同时，该公司的税前利润也出现了相同幅度的下滑，从去年同期的水平降至5.93亿欧元（约合5.03亿英镑）。

In its financial results for the first quarter spanning April to June, the Irish budget carrier recorded an after-tax profit of 538 million euros ($615.3 million), representing a 34% decline from the 820 million euros reported in the same period of the previous year. The airline's pre-tax profit also experienced a corresponding 34% drop, falling to 593 million euros (approximately 503 million pounds) during these three months.

在这一季度中，瑞安航空的整体销售额表现平平，与去年同期相比基本持平。周一早间财务数据公布后，资本市场迅速做出反应，瑞安航空的股价在开盘后不久便下跌了5.6%。销售额的停滞以及随后股价的下跌，直接反映出该航空公司在进入传统夏季出行旺季时所承受的即时财务压力。

During this period, Ryanair's overall sales remained flat compared to the previous year. Following the release of these financial figures on Monday morning, investors reacted quickly, causing Ryanair's shares to fall by 5.6% shortly after the market opened. The flat sales performance and the subsequent drop in share price reflect the immediate financial pressure on the carrier as it entered the peak summer travel season.

中东局势的持续紧张对消费者的旅行意愿产生了直接影响。瑞安航空首席执行官迈克尔·奥里里表示，中东冲突导致消费者出现犹豫情绪，并对欧盟可能出现的航空煤油短缺感到担忧。这种地缘政治的不确定性不仅带来了经济上的不确定性，还导致旅客推迟预订，使该航空公司在第一季度的机票预订时间明显滞后。

The ongoing tension in the Middle East has had a direct impact on consumer willingness to travel. Ryanair Chief Executive Michael O'Leary stated that the Middle East conflict led to consumer hesitancy and sparked concerns regarding potential EU jet-fuel shortages. This geopolitical instability, combined with broader economic uncertainty, prompted passengers to delay their bookings, resulting in much later reservation patterns during the first quarter.

为了应对消费者出行意愿降低并刺激市场需求，瑞安航空被迫将第一季度的机票价格下调了6%。尽管2025年4月的复活节假期对该季度初期的业绩起到了一定的拉动作用，但仍需通过降价来吸引乘客。此外，该公司预计，受消费者对航空出行持续犹豫的影响，今年夏季的机票价格也将略低于去年同期。

To counteract this drop in travel demand and stimulate the market, Ryanair was forced to cut its ticket fares by 6% during the April-to-June period. Although the first-quarter fares had previously benefited from a full Easter holiday in April 2025, active price stimulation remained necessary to fill seats. Looking ahead, the budget carrier expects its summer fares to remain slightly lower than last year's levels as customer hesitancy around air travel persists.

除了票价下跌对收入造成压力外，航空煤油价格的飙升也显著推高了瑞安航空的运营支出。自美国和以色列于今年2月份对伊朗发动袭击以来，给飞机加油的成本大幅上涨。尽管该航空公司已经通过套期保值锁定了大部分未来的燃料成本，但仍有20%的燃料需求未纳入此类保护性协议中。在4月至6月的季度内，这部分未套期保值的燃料成本增加了一倍以上，直接加重了公司的财务负担。

In addition to the downward pressure on revenue from lower ticket fares, soaring jet fuel prices have significantly driven up Ryanair's operating expenses. The cost of fueling an aircraft has jumped since the United States and Israel launched strikes against Iran in February. Although the Irish budget carrier had hedged or struck deals to lock in most of its future fuel costs, 20% of its fuel requirements remained unhedged and exposed to market fluctuations. During the April-to-June quarter, the price of this unhedged portion more than doubled.

受未套期保值燃料成本翻倍的直接影响，瑞安航空在第一季度的整体运营成本同比上升了11%，达到38.1亿欧元。地缘政治冲突引发的能源市场波动，使得这家廉价航空公司在试图通过降价吸引乘客的同时，不得不应对不断攀升的航油开支，从而导致其第一季度的利润空间受到双重挤压。

Driven directly by the doubling of these unhedged fuel costs, Ryanair's overall operating expenses rose 11% to 3.81 billion euros during the first quarter. This surge in energy costs, triggered by the conflict in the Middle East, created a dual financial squeeze for the low-cost airline, which had to manage rising operational outlays while simultaneously cutting ticket prices to stimulate lagging passenger demand.

为了应对原油价格突破每桶90美元这一关口，瑞安航空已经为其未来的燃料需求制定了套期保值方案。该公司目前已将2027财年80%的燃料需求锁定在每桶67美元的水平，并将2028财年15%的燃料需求锁定在每桶85美元。尽管这些套期保值策略在一定程度上缓解了油价上涨带来的长期压力，但近期原油价格的持续攀升依然对航空业的整体运营构成了严峻挑战。

To manage the impact of crude oil prices rising past $90 a barrel, Ryanair has established fuel hedging positions for its upcoming financial years. The budget carrier has currently hedged 80% of its fuel requirements for fiscal year 2027 at $67 per barrel, and 15% of its fuel needs for fiscal year 2028 at $85 per barrel. While these protective financial arrangements help mitigate long-term exposure to energy market volatility, the recent upward movement in crude prices continues to pressure the aviation sector.

面对波动的市场环境，瑞安航空拒绝提供全年的业绩指引，并指出未来的业绩表现将严重依赖于消费者的后期预订。此外，该公司警告称，随着经营成本不断增加以及地缘政治风险持续存在，处境艰难的欧洲航空公司将在未来面临一个“艰难的冬季”。

Given the highly volatile operating environment, Ryanair declined to issue full-year financial guidance, noting that its ultimate performance remains heavily dependent on late bookings from consumers. Furthermore, the Irish airline warned that struggling European carriers are facing a "difficult winter" ahead as they navigate rising operational costs and persistent geopolitical uncertainties.